Quote from: prolixus on July 07, 2011, 02:23:54 PM

Just jumping into the new standard is riskier than waiting until there is a clear reason to make a transition.

Where did I say we should jump into the new standard immediately? All I'm saying we should be prepared to jump once necessity arises.

I'm surprised an option for changing bitcoin hashing algorithm was not envisaged in the original concept. Everything that is man-made can be destroyed or counterfeited by another man. This is why everything valuable for the society should have built-in mechanisms for defence and protection improvements in case it is needed.

Think about current bank notes and bills. In the beginning of their life span they all have a cutting-edge and state-of-the-art protection in place (serial numbers, watermarks, micro seals, color-shifting ink, embedded fibers, security thread, holograms, you name it). As time passes and technologies employed mature (become cheaper to acquire and implement) it gets easier to produce counterfeit money. On top of it, very often a 'leak' occurs and 'unsanctioned' printing of genuine bank notes takes place. When that happens there is no choice but to withdraw old bank notes from circulation and emit new notes with new design and improved protection against counterfeiting.

Bitcoin is a cryptographic currency. That means its strongest line of defence is the hashing algorithm. If this line is somehow endangered there must be options in place to strengthen it by orderly introducing new 'design' with more secure hashing algorithm.